Word: opec
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Dates: during 1990-1999
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...OPEC, the international oil-producing cartel, is fighting for its life amid tumbling oil prices and members' cheating on their quotas. That, says TIME business writer Bernard Baumohl, is the reason Saudi Arabia yesterday secured an agreement from Venezuela and Mexico cut oil output -- a deal quickly emulated by Kuwait, Iran and the United Arab Emirates...
...Overproduction and falling demand caused by the Asian economic crisis and the unusually mild winter has sent oil prices plummeting, while cheating has bedeviled OPEC?s attempts to reverse the trend by cutting production. ?Venezuela has been notorious for cheating,? says Baumohl. ?Although in the new agreement they?re going to cut back production by 200,000 barrels a day, they were, in fact, producing 700,000 barrels more than their OPEC quota allowed,? says Baumohl...
...something new and unwelcome. Only the Great Depression--an apt name--had presented a comparable challenge to national optimism, and that was followed by the reassuring wartime victory and postwar boom. In the '70s that boom gave way to a different explosion--in oil prices, interest rates and inflation. OPEC would prove to have powers that NATO could only dream of. Even the environmental movement would sound a warning: air and water, the fundamentals of life, were in limited supply. Though that mood receded in the '80s, traces of it linger in the new skepticism about large government undertakings, whether...
...worry. Carlos is likely to spend the rest of his prison-bound life being convicted of other, deadlier crimes: The bombing of Berlin's French cultural center, and the 1975 kidnapping of 11 OPEC cabinet ministers in Vienna, to name just two. So, as nostalgic revolutionaries everywhere will be pleased to know, this is not the last we have seen of the Jackal's courtroom swagger...
...struggle? According to Secretary of the Faculty of Arts and Sciences and former Dean of the College John B. Fox Jr. '59, the first strong impetus for this change came during the early 1970s--but not from the students. Alarmed by rising oil prices in the wake of the OPEC shortage, many U.S. colleges decided January was just too expensive a month to run heating equipment. So they gave students the month off. Harvard debated the matter and decided against switching--but the seeds of change had been planted in undergraduates' minds. The 20 intervening years have seen an almost...